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California tax revenue plummets in July, raising fear of trigger cuts

Aug 10, 2011 1:16:00 AM - latimes.com
July income was $539 million lower than expected, leading many to doubt the state budget's assumption of economic recovery and a $4-billion windfall. If revenues remain low, drastic education cuts will kick in.

Reporting from Sacramento -- California's tax revenue plummeted in July, missing expectations by nearly $539 million and raising fears that deep education cuts will be needed to keep the state budget balanced.

USA, California: (Latest Stories)